Russia Insurance Industry – Governance, Risk and Compliance
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Russia Insurance Industry Regulation Overview
The Central Bank of Russia (CBR) acts as the regulator of the Russia insurance industry. The other bodies overseeing the industry are the International Association of Insurance Supervisors (IAIS) and the All-Russian Union of Insurers (BCC). The Russia Insurance Industry governance regulation report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation, and transit insurance. The report specifies various requirements for establishing and operating insurance and reinsurance companies and intermediaries. The report also gives insurers access to information on prevailing insurance regulations and recent and upcoming changes in the country’s regulatory framework, taxation, and legal system. It includes the scope of non-admitted insurance in the country as well.
Key Regulators | · Central Bank of Russia (CBR)
· International Association of Insurance Supervisors (IAIS) · All-Russian Union of Insurers (BCC) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Aviation Liability Insurance · Marine Liability Insurance · Professional Indemnity Insurance · Social Security Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Russia Insurance Industry – Key Regulators and Legislation
Central Bank of Russia (CBR): The Financial Market Access Department (FMAD) of Central Bank of Russia is the regulatory and supervisory body of the insurance industry in Russia. Prior to September 2013, the Federal Financial Markets Service (FFMS) regulated financial markets including the insurance industry in Russia. On September 1, 2013, the powers of the FFMS in the field of regulation, control, and supervision of the financial markets were transferred to the Central Bank of Russia Financial Market Service (BRFMS). On March 3, 2014, FMAD became the regulatory and supervisory body following the BRFMS abolishment. The FMAD is a structural unit established in line with the decision of the Board of Directors of the FMAD dated November 29, 2013.
International Association of Insurance Supervisors (IAIS): The IAIS, established in 1994, is a global, membership-driven organization that represents insurance regulators and supervisors of more than 200 jurisdictions in more than 140 countries. The IAIS formulates and issues various global insurance principles, standards, and guidance. It also provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability. The primary objectives of IAIS are to contribute to global financial stability and promote effective and globally consistent supervision of the insurance industry, to develop and maintain fair, safe, and stable insurance markets for the benefit and protection of policyholders.
The key pieces of legislation governing the Russia insurance industry are:
- Civil Code of Russian Federation
- Insurance Law 1992
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Russia Insurance Industry - Compulsory Insurance
A few of the key compulsory insurance required within the Russia insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance. Motor liability insurance is mandatory for all vehicle owners against traffic accidents. Without the insurance, a vehicle will not pass the required technical inspection and registration. The authorities have enforced the compulsory insurance since July 1, 2003. Members of the Russian Motor Insurers Union (RSA) provide motor liability insurance. According to the policy, the insurer is required to compensate for the damages that occurred to the third party in a traffic accident.
Russia Insurance Industry Analysis by Compulsory Insurances
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Russia Insurance Industry - Company Registration and Operation
Article 4.1(2) of Insurance Law 1992 specifies mandatory prior authorization for insurance companies, mutual insurance companies, and insurance brokers to carry out insurance activities in the country. Foreign reinsurers are not allowed to open branches in Russia, nor are they subject to any registration requirements. Furthermore, Article 4.1(2) of Insurance Law 1992 mandates prior authorization for insurance brokers to carry out insurance activities in the country.
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Russia Insurance Industry – Taxation
Tax is imposed upon insurance premium premiums within the insurance industry in Russia. The other taxes imposed are corporate income tax, corporate capital gains tax, and value-added tax.
Corporate income tax rate: The Federal Tax Authority under the Tax Code of the Russian Federation administers taxation in Russia. Corporate tax in Russia applies to both resident and non-resident legal entities. Resident companies are taxed on their global income, whereas non-resident companies are taxed only on income sourced from Russia and other passive income generated within Russia. A company is considered a resident if it is incorporated in Russia, its principal place of management is in the country, or it is considered a resident under an applicable tax treaty. In addition, a foreign company that operates through a branch or subsidiary in Russia may opt to be treated as a resident company by submitting a notification to the Russian tax authorities.
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Scope
The report provides:
- Details of the insurance regulatory framework in Russia.
- Details of the rules and regulations governing insurance products and insurance entities.
- Lists and analysis of key trends and developments in the country’s insurance regulatory framework.
- Analysis of the rules and regulations about the establishment and operation of insurance businesses in the country.
- Details of the taxation imposed on insurance products and insurance companies.
Key Highlights
- The Russian insurance industry is governed by the Financial Market Access Department of the Central Bank of Russia.
- Foreign direct investment (FDI) is limited to 49% for operation in life and certain other classes of insurance. FDI is 100% in case of general insurance with few exceptions.
- Composite insurance is prohibited in the Russian insurance industry.
- Non-admitted insurance is not permitted in the country, with a few exceptions.
- Solvency II was implemented across the EU effective from January 1, 2016.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Russia.
- Track the latest regulatory changes, and expected changes impacting the Russia insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices about various types of insurance products.
Table of Contents
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Frequently asked questions
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Which is the key regulator of the Russia insurance industry?
The Central Bank of Russia (CBR) acts as the key regulators of the Russia insurance industry.
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Which are the other regulatory bodies overseeing operations in the Russia insurance industry?
The International Association of Insurance Supervisors (IAIS) and the All-Russian Union of Insurers (BCC) oversee operations in the Russian insurance industry.
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Which are the compulsory insurances required within the Russia insurance industry?
A few of the compulsory insurances required within the Russia insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance.
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What are the types of taxes imposed in the Russia insurance industry?
Tax is imposed upon insurance premium premiums within the insurance industry in Russia. The other taxes imposed are corporate income tax, corporate capital gains tax, and value-added tax.
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